[VIDEO] Don’t forget the CBRT meeting on Thursday!
Joe Perry March 18, 2021 2:47 AM
Expectations are for the central bank to increase rates by 100 basis points
With everyone talking about the FOMC, BOE and BOJ monetary policy meetings this week, many people are overlooking the Central Bank of Turkey meeting on Thursday. Expectations are for the central bank to increase rates by 100 basis points from 17% to 18%.
USD/TRY has been in a long-term uptrend on the daily timeframe since January 2018. Price peaked on November 6th at 8.58 and pulled back to the rising long-erm trendline, briefly breaking below it. Price then bounced to the 50% retracement level from the November 6th highs to the February 16th lows, near 7.7422. USD/TRY has been consolidating over the last week near 7.55.
Anything more than 100bps will be considered more hawkish, which should cause USD/TRY to move lower. And anything less than that will be considered less hawkish, which should cause USD/TRY to move higher.
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